Bank of New York Mellon Corp Acquires 5,281 Shares of Rio Tinto Group (NYSE:RIO)

Bank of New York Mellon Corp increased its stake in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,154 shares of the mining company's stock after acquiring an additional 5,281 shares during the period. Bank of New York Mellon Corp's holdings in Rio Tinto Group were worth $4,949,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Jeppson Wealth Management LLC grew its position in shares of Rio Tinto Group by 47.5% in the 4th quarter. Jeppson Wealth Management LLC now owns 20,093 shares of the mining company's stock valued at $1,182,000 after acquiring an additional 6,473 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Rio Tinto Group by 2.9% in the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company's stock valued at $1,247,475,000 after buying an additional 485,731 shares during the period. Northwest Bancshares Inc. bought a new stake in Rio Tinto Group during the third quarter worth about $1,440,000. Barclays PLC boosted its position in shares of Rio Tinto Group by 225.6% during the 3rd quarter. Barclays PLC now owns 335,637 shares of the mining company's stock worth $23,888,000 after acquiring an additional 232,539 shares in the last quarter. Finally, Marshall Financial Group LLC acquired a new position in Rio Tinto Group during the fourth quarter worth about $810,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Stock Performance

NYSE:RIO traded down $0.91 during trading hours on Friday, reaching $62.02. The stock had a trading volume of 3,311,960 shares, compared to its average volume of 2,755,587. Rio Tinto Group has a 12-month low of $57.85 and a 12-month high of $74.24. The stock has a 50 day simple moving average of $61.84 and a 200 day simple moving average of $62.85. The stock has a market cap of $77.71 billion, a P/E ratio of 9.61, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63.

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Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be given a $2.23 dividend. The ex-dividend date is Friday, March 7th. This is a boost from Rio Tinto Group's previous semi-annual dividend of $1.77. This represents a dividend yield of 7%. Rio Tinto Group's payout ratio is 69.15%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RIO shares. Clarkson Capital upgraded Rio Tinto Group to a "strong-buy" rating in a research report on Friday, February 28th. StockNews.com downgraded shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 22nd. JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a research note on Tuesday. They issued an "overweight" rating on the stock. Finally, Jefferies Financial Group lowered their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.